The article of the Financial Times chronicles all the stages of the debt crisis in Greece since 2010
With very positive comments, today Wednesday the international press refers to the fact that the European Commission is to put an end to the enhanced control of the Greek economy, thus marking the end of the debt crisis.
The Financial Times article is typical, chronicling all the stages of the debt crisis in Greece since 2010 and, among other things, emphasizing that after the most recent trip of EU officials to Athens in April, the Commission noted that economic growth in the country is predicted to arrive to 3.5% in 2022 and to 3.1% in 2023, despite prolonged uncertainty due to the pandemic and rising energy costs.
Here is a relevant excerpt from the Financial Times newspaper.
“The European Commission is set to end enhanced scrutiny of the Greek economy, marking the end of the debt crisis, which was triggered by the 2008 global financial turmoil that nearly pushed the country out of the eurozone.
In a letter today to Greek Finance Minister Christos Staikouras, EU Economy Commissioner Paolo Gentiloni said Greece has “fulfilled most of the policy commitments” it made to the Eurogroup of 19 eurozone member states and “succeeded in the effective implementation of reforms ” despite the impact of Covid-19 and the war in Ukraine.
THE Christos Staikouras tweeted that the announcement “marks the achievement of a major national goal for Greece”.
The Commission, which monitors the budgets of all 27 member states, has been overseeing reforms to the Greek economy since the bailout began.
The announcement of the end of the strict monitoring program comes as the European Central Bank implements mechanisms to prevent a second collapse of the eurozone economy.
The Commission also said in a statement that the risk of “spill-over effects on the euro area economy has diminished significantly” and that more detailed monitoring “is no longer warranted”.
In a reply letter to Commissioner Gentiloni, Chr. Staikouras said that Greece has implemented reforms in six main areas – fiscal policy, social welfare, financial stability, labor markets, privatization and public administration — which “put in place a solid platform for Greece to achieve sustainable and long-term inclusive growth”.
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